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News Now

Washington
NEW NCUA votes to assess 25bp for corporate fund
ALEXANDRIA, Va. (8/29/11 UPDATED: 2:25 P.M. ET)--Credit unions will be assessed 25 basis points (bp) of their total insured shares to help cover corporate credit union stabilization costs, the National Credit Union Administration voted today. The agency expects it to bring $1.96 billion into the fund. The NCUA also noted that there will not be a National Credit Union Share Insurance Fund premium assessed this year. The 2011 Temporary Corporate Credit Union Stabilization Fund (TCCUSF) assessment was approved at the NCUA’s board meeting that started at 1 p.m. (ET). Payment is due Sept. 27. NCUA Deputy Executive Director Larry Fazio reported that the total remaining cost of the corporate resolution has been recalculated, with a new estimate lowering those costs to between $3.9 and $8.2 billion. Fazio earlier this year said the agency would have to charge between $7 billion and $9 billion in future assessments to pay for the remaining losses from troubled assets at corporates. He added, however, that he could not predict how long the NCUA would need to continue charging TCCUSF assessments. At the meeting today, the NCUA said it will soon provide quarterly reports on the loss projections through a new webpage on its website. Credit Union National Association (CUNA) Chief Economist Bill Hampel said the agency would likely need to collect about $1 billion a year until the full costs of corporate stabilization are paid off. That would represent an assessment next year of around 12 bp of insured shares. At the the NCUA’s August meeting today the three-member board also approved a 30-day comment period for proposed technical changes related to Part 704 on corporate credit unions, as well as maintenance of the NCUA Guaranteed Notes (NGNs). See tomorrow’s News Now for more.


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